Reliance Top 200 Fund which has built up a sizeable lead over the benchmark and category in the last three years, it has climbed from a three-star rating to four and five stars in the last one year.

This large-cap-oriented fund invests in companies whose market capitalisation is within the range of the highest and lowest market capitalisation of BSE 200 index. The fund attempts to have allocations to market leaders in smaller industries, apart from these exposures. Currently, over 80 per cent of the fund's assets are invested in the top 100 companies by market capitalisation.

Reliance Top 200 Fund has typically maintained a 75-85 per cent large-cap exposure, with the remaining portion in mid caps. The mid-cap weight is higher than that of category peers. While the fund doesn't adhere to pure growth- or value-style investing, it is quality-oriented and doesn't overpay for any of its stocks.

Businesses with a long operating history, dominant industry standing, high return on equity and sustainable profitable growth are the key portfolio choices. While the year-to-year performance of the fund shows mild underperformance of the benchmark and category in 2016, the fund's one-year, three-year and five-year returns are well ahead of both the benchmark and category returns.

A look back at annual returns suggests that this fund is quite good at riding the first wave of a bull market, with exceptional returns in 2010, 2012 and 2014. It managed to contain losses to just below benchmark levels in the bear phases of 2008 and 2011.

Overall, Reliance Top 200 Fund is a consistent performer in the large-cap space.